Metaplanet Inc Expands Bitcoin Holdings with 33 Million Acquisition
Metaplanet Inc., a publicly traded company based in Japan, has reiterated its dedication to its Bitcoin (BTC) strategy. Simon Gerovich, the company’s CEO, announced that Metaplanet has finalized the acquisition of 57.103 Bitcoins, which amounts to approximately 500 million yen or roughly $3.3 million.
Gerovich emphasized that this recent Bitcoin acquisition corresponds with the 1 billion yen loan that was disclosed on August 8. Consequently, Metaplanet’s total Bitcoin holdings have now reached about 303.095 BTC, valued at nearly 3 billion yen.
Always be stacking
#Bitcoin
@Metaplanet_JP
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— Simon Gerovich (@gerovich)
August 13, 2024
**Metaplanet Aligns with Institutional Bitcoin Accumulation Trends**
As Bitcoin gains traction in mainstream adoption globally, driven by more transparent regulatory frameworks, an increasing number of institutional investors are incorporating the leading cryptocurrency into their portfolios.
For example, Marathon Digital Holdings Inc. (NASDAQ: MARA) recently announced its plan to issue senior convertible notes valued at $250 million to facilitate further Bitcoin acquisitions. Meanwhile, companies like MicroStrategy and Tesla have set the pace among institutional investors in accumulating Bitcoin throughout the ongoing crypto bear market. Notably, U.S. spot Bitcoin ETF issuers recorded a net cash inflow of approximately $28 million on Monday.
On-chain analytics reveal that institutional investors have accumulated over $1.3 billion in Tether (USDT) since August 5, indicating a bolstered purchasing capacity. However, it appears that institutional buying has temporarily stalled, leading to a 4.5% drop in the price of BTC today. Observations indicate that institutions ceased receiving USDT from #TetherTreasury and transferring it to exchanges about two days ago.
https://t.co/0XKiPmjJed
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— Lookonchain (@lookonchain)
August 12, 2024
**Market Analysis of BTC Price Action**
Currently, Bitcoin is consolidating within an inverted triangle, showing no definitive breakout in either direction. The cryptocurrency closed the previous week with a dragonfly Doji candlestick, signaling that bulls may be regaining momentum, hinting at a potential rebound.
Charting Perspective
I do not trade based on opinions; I focus on established setups following classical charting principles. I refrain from taking positions when the price is confined within a range. My entries occur once patterns are completed.
$BTC is exhibiting what is identified as an inverted or expanding triangle. No breakout has yet been established, so I remain on the sidelines.
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— Peter Brandt (@PeterLBrandt)
August 12, 2024
Additionally, Bitcoin’s price has bounced off the 200-week moving average (MA), while the Relative Strength Index (RSI) is attempting to rise above the 50% threshold.
**Tags**
Bitcoin